Business
Shopify Provides Business Update Relating to COVID-19
First-Quarter 2020 Financial Results to be Issued on May 6, 2020 OTTAWA, Ontario--(BUSINESS WIRE)-- Shopify Inc. (NYSE:SHOP)(TSX:SHOP), a leading global
About this update from Shopify Inc.
[{"type":"text","content":"\nFirst-Quarter 2020 Financial Results to be Issued on May 6, 2020\n\n OTTAWA, Ontario--(BUSINESS WIRE)--\nShopify Inc. (NYSE:SHOP)(TSX:SHOP), a leading global commerce company, today provided a business update relating to the impact of COVID-19.\n\n\nShopify has been closely monitoring and assessing the impact of COVID-19, prioritizing the health of our employees, our merchants and their customers, our partners, and our communities. In response, we have taken a number of actions to support our merchants and protect our stakeholders during this time, including initiatives focused on helping merchants transition to emerging social distancing norms. These include:\n\n\n\nExtended 90-day free trial to all new standard plan signups\n\n\nGift cards available on all plans and for all merchants\n\n\nLocal in-store/curbside pickup and delivery for POS merchants\n\n\nA $200 million commitment for Shopify Capital while fast-tracking expansion to core geographies working with partners and governments, including in the United Kingdom where Shopify Capital launched on March 30, 2020\n\n\nMultiple online resources to support merchants, including resources on where to secure government funding and where to find community forums, live webinars, online meetups, and tutorials to help all merchants have an online presence\n\n\n\nShopify continues to develop additional solutions to support our merchants and communities. More details can be found at www.shopify.com/covid19.\n\n\nData Insights\n\n\nShopify is analyzing the data across its platform for insights into how COVID-19 is affecting merchants’ operations in order to provide the most effective support, as well as to inform our own planning and decision-making during this period. Some of the changes relative to patterns prior to March 8, 2020 include the following:\n\n\n\nEarly signs indicate brick-and-mortar businesses, impacted by the dropoff of foot traffic resulting from stay-at-home policies, are pivoting to online as consumer demand shifts.\n\n\nMerchants are heavily leveraging discounts to boost sales.\n\n\nSales trends are aligning to specific industries based on the evolving environment, consumer concerns and needs.\n\n\nIn March, we terminated thousands of merchants charging unfair prices or making false claims about COVID-19-related items such as face masks or hand sanitizers.\n\n\n\...